The sanctions are doing nothing. Could sanctions work? Of course. Sanctions would hurt Europe more and we might see our own markets lose about a third. No one is willing to bite that apple. There is no chance of an economic conflict that would not hurt europe and us. No one is willing to adopt those losses to hurt Vladimir Putin. In many ways Russia as bad off as it is, is no where near as bad off as some EU members. Spain, Italy and Greece would crumble into chaos.